IOC inks Rs 350 crore pact with US-based LanzaTech to construct bioethanol facility

State-owned Indian Oil Corporation (IOC) has inked a Rs 350 crore pact with the US-based LanzaTech to construct a bioethanol facility at Panipat Refinery.

IOC in a statement said, “Indian Oil Corporation has signed a preliminary pact with LanzaTech to build the world’s first bioethanol facility.”
 
LanzaTech owns patented technology, which converts carbon-rich wastes and residues produced by industries such as steel manufacturing, oil refining and chemical production, as well as gases generated by gasification of forestry and agricultural residues, municipal waste into valuable fuel and chemical products through a process of gas fermentation.
 
The stock of IOC was trading at Rs 383.30, up by Rs 0.70 or 0.18 as at 1211 hours on Tuesday, on the BSE.
 
Stock view:
 
Indian Oil Corporation Ltd is currently trading at Rs 383.7, up by Rs 1.1 or 0.29% from its previous closing of Rs 382.6 on the BSE.

The BSE group 'A' stock of face value Rs 10 has touched a 52-week high of Rs 450.65 on 16-May-2017 and a 52-week low of Rs 232.65 on 08-Jul-2016. Last one week high and low of the scrip stood at Rs 392.35 and Rs 377.3 respectively.
 
The scrip opened at Rs 385.1 and has touched a high and low of Rs 385.5 and Rs 381 respectively. So far 818383(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 185786.92 crore.